Great Choice of Property in France As Residents Emigrate
The choice of luxury homes in France is beginning to improve as a result of the country’s recent Presidential election. The Daily Telegraph reports that many wealthy French families are ‘fleeing a proposed new tax rate of 75 per cent on all earnings over one million euros’ (around £780,000).
With estate agents reporting that many luxury French homes are coming onto the market, now could be the perfect time to buy. Keep reading to learn more.
French property owners selling luxury homes to escape new taxes
A leading overseas estate agent has reported that its French offices sold more than 100 properties worth over 1.7 million euros between April and June this year - a marked increase on the same period in 2011.
Alexander Kraft, head of Sotheby's Realty, France, said: "The result of the presidential election has had a real impact on our sales. Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government.
"These properties are then bought up by foreign investors looking for a stable real estate market like France to invest in.
"It shows the high-end property market is holding up very well, even in these difficult times."
Wealthy French families are looking to relocate to either Britain or Switzerland to avoid the Socialist government’s planned higher tax rates.
We are seeing lots of wealthy French families putting their homes on the market as they look to move out of the country.
This is increasing the choice of luxury French homes available to overseas buyers. So, if you’re looking for a French home, now is the perfect time to buy.